MetLife (MET) Bank of America Securities Financial Services Conference summary

Strategic vision and five-year plan

• Rolled out the New Frontier strategy after an 18-month process, building on the prior Next Horizon plan focused on focus, simplification, and differentiation.

• New Frontier emphasizes responsible growth, targeting expansion in group benefits, retirement platforms, asset management, and high-growth international markets.

• Growth is now central, with a focus on leveraging scale, competitive moats, and industry tailwinds such as rising demand for benefits and retirement products.

• Achieved or exceeded all targets under Next Horizon, providing a strong foundation for the new plan.

Financial targets and performance

• Raised ROE target from 12–14% to 15–17% for New Frontier, reflecting improved profitability.

• Direct expense ratio targeted to decline by another 100 basis points over five years.

• Cumulative cash flow target increased from $20B to $25B; introduced double-digit EPS growth target.

• Improved returns while reducing risk, offering growth, attractive returns, and lower risk simultaneously.

Group benefits and margin outlook

• Group benefits PFOs grew 5.3% in 2024, with a five-year addition of $6.6B, now near $25B.

• Targets 4–7% annual growth in group benefits, leveraging size, broker relationships, and broad product set.

• Investments in enrollment technology improve persistency and user experience.

• Margins expected to remain healthy; benefit ratios stable, with dental repricing to take full effect in 2025.